Strativa Pharmaceuticals, a Division of Par Pharmaceutical, Announces the Discontinuation of the Development Program for Pafuramidine

... WOODCLIFF LAKE N.J. Feb. 25 /- StrativaP...On February 22 2008 Immtech announced that it had received additiona...After receiving recommendations from the Data Safety Monitoring Board...Previously Strativa had acquired commercialization rights in the U.S....

WOODCLIFF LAKE, N.J., Feb. 25 /PRNewswire-FirstCall/ -- Strativa
Pharmaceuticals, the proprietary products division of a wholly owned
subsidiary of Par Pharmaceutical Companies, Inc. (NYSE: PRX) today
announced that its development partner, Immtech Pharmaceuticals, Inc.
(Amex: IMM) has chosen to discontinue the development program for
pafuramidine maleate, an investigative therapy.

On February 22, 2008, Immtech announced that it had received additional
reports of adverse events related to abnormal kidney function that resulted
in hospitalization of several volunteers from the ongoing safety study.
These events occurred more than 60 days after subjects received
pafuramidine. Kidney biopsy results have been interpreted as being
consistent with drug- induced hypersensitivity and inflammation. The
affected safety study volunteers are receiving full follow-up monitoring
and medical care.

After receiving recommendations from the Data Safety Monitoring Board,
the Steering Committee for the pneumocystis pneumonia (PCP) study and
others, and in consultation with the US Food and Drug Administration (FDA)
and Immtech's licensing partners, including Strativa, Immtech has chosen to
discontinue the development program for pafuramidine.

Previously, Strativa had acquired commercialization rights in the U.S.
to the Phase III oral drug candidate for the treatment of PCP in AIDS
patients for $3 million, which was incurred as Research & Development (R&D)
expense in 2007. In light of Immtech's discontinuation of the pafuramidine
development program, no further payments are due to Immtech from Strativa
under the commercialization agreement.

About Strativa

Strativa Pharmaceuticals is the proprietary products division of Par
Pharmaceutical, Inc. Supported by Par's financial and organizational
capabilities including substantial cash resources, Strativa Pharmaceuticals
is committed to developing and marketing novel prescription drugs. Its
initial focus is on supportive care therapeutics in HIV and oncology.
Drawing on the specialty products expertise of its staff, Strativa
possesses the resources to prepare products for introduction and to help
ensure their success after launch. For additional information, please visit
http://www.strativapharma.com

Certain statements in this press release constitute "forward-looking
statements" within the meaning of the Private Securities Litigation Reform
Act of 1995. To the extent any statements made in this news release contain
information that is not historical, these statements are essentially
forward- looking and, as such, are subject to risks and uncertainties,
including the extent and impact of litigation arising out of the accounting
issues described in the Company's filings with the Securities and Exchange
Commission (SEC), the difficulty of predicting FDA filings and approvals,
acceptance and demand for new pharmaceutical products, the impact of
competitive products and pricing, new product development and launch,
reliance on key strategic alliances, uncertainty of patent litigation filed
against the Company, availability of raw materials, the regulatory
environment, fluctuations in operating results and other risks and
uncertainties detailed from time to time in the company's filings with the
SEC, such as the Company's reports on Form 10-K, Form 10-Q and Form 8-K,
and amendments thereto. Any forward-looking statements included in this
press release are made as of the date hereof only, based on information
available to the Company as of the date hereof, and, subject to any
applicable law to the contrary, the Company assumes no obligation to update
any forward-looking statements.

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